Heat oven to 350 degrees F. Place mini paper baking cups into mini muffin pan. Mix all ingredients with electric mixer on low for 30 seconds, then on medium for 2 minutes. Divide batter evenly into mini cupcake pans (about 2/3 full). Bake 13 - 15 minutes until toothpick inserted in center comes out clean. Cool completely then remove from pan, then remove paper baking cups from mini cupcakes.
Cut the oranges in half. Scoop out the inside orange. Cut the peel halves into quarters (the same size as your alphabet fondant cutters that can be found at most baking supply stores, hobby & craft stores, Williams-Sonoma and Amazon.com).
Skewer each M-O-M onto a long cocktail toothpick. Cut orange-slice MOM letters will start to shrink & shrivel after a few hours. Soak them in water and keep them refrigerated until you're ready to garnish your champagne glasses.